1. The cutting tool is the key component of the cutting terminal of the machine tool and has the property of industrial consumables
1.1. Cutting tools have consumable properties, low processing cost ratio, and high consumption stickiness
The cutting tool is the "teeth" of the cutting function of the machine tool, and it is the terminal key component that directly acts on the workpiece. The cutting tool is the "teeth" that performs the cutting function of the machine tool. It is the sharp edge that directly acts on the workpiece in the cutting process of the machine tool, and is the terminal part of the cutting work.
Knives have the properties of industrial consumables.
The cutting tool is a consumable product for processing, and the cutting tool needs to be replaced continuously during the processing process, which has obvious properties of consumables. The cost of tool processing is low, but it directly affects the quality and efficiency of processing.
The tool cost only accounts for 1%-4% of the manufacturing cost of machining, but it can directly affect the processing qualification rate and processing efficiency, and its quality and performance directly determine the processing quality and processing efficiency of cutting processing.
Tool consumption is relatively sticky. The unit price of blades is low, and downstream customers are usually not driven by price to replace blade manufacturers at will; there is a verification period for the use of blades, and the replacement cycle is long; blades cause processing problems that need to be held accountable, and there are follow-up risks. Therefore, once downstream customers select a qualified tool supplier, they will not easily replace it, and tool products have high consumption stickiness.
1.2. There are many types of tool products, and the downstream application industries are widely distributed
There are many types of tool products, which can be aimed at different materials and processing scenarios.
There are many types of cutting tools. 1) According to the processing method, it can be divided into turning tools, milling cutters, hole processing tools, gear tools, etc.; 2) According to the material, it can be divided into high-speed steel tools, carbide tools, ceramic tools, Diamond tools, etc.; 3) According to the tool structure, it can be divided into indexable tools, integral tools, and welding tools.
The upstream materials are concentrated, and the downstream applications are extensive.
Taking cemented carbide tools as an example, the upstream materials are tungsten carbide powder, cobalt powder, and a small amount of tantalum-niobium solid solution, among which tungsten carbide is the most important material, and the upstream materials are relatively concentrated.
The main downstream application fields of cutting tools are metal material processing in the fields of automobiles, machine tools, general machinery, aerospace, molds, construction machinery, etc., covering multiple categories of manufacturing industries, and are widely used.
Tungsten carbide cutting tools can adapt to the most scenarios and have better versatility.
According to the classification of materials, cemented carbide tools have good performance in terms of hardness, wear resistance, strength, toughness, heat resistance and corrosion resistance. Tungsten carbide tool has the strongest applicability in the scene. Compared with tool steel, it has better wear resistance and heat resistance. It is more adaptable in the high-speed cutting scene. It is the most widely used and versatile tool material.
From the perspective of the material adaptability of specific workpieces, cemented carbide tools have better adaptability in the processing of steel, stainless steel and other main workpiece materials. Compared with high-speed steel, they have higher high-speed cutting practicability and lower prices. , At the same time, it can cut non-ferrous metals under normal conditions, and it is also suitable for difficult-to-cut materials. The high-strength properties of PCD diamond tools enable finishing of non-ferrous metals and alloys. CBN cubic boron nitride cutting tools can be used for processing difficult-to-cut tools such as heat-resistant alloys and hardened steels due to their high strength and high heat resistance.
Cermets can make up for the original disadvantages of ceramic tools, and ceramic composites provide potential opportunities.
Ceramic knives are characterized by high hardness, but have the disadvantages of non-wear-resistant and heat-resistant basic materials, and weak toughness and strength. They are mainly used in the field of cast iron.
Cermet knives are composite materials made by adding metal components to ceramic base materials. Compared with white ceramics with low impurity content, cermet knives effectively enhance wear resistance, heat resistance, strength, bending resistance, and rigidity. , while enhancing the cutting speed and prolonging the life, in addition to being suitable for the processing of original cast iron materials, it can also process alloy steel materials.
Looking further, ceramic composite materials provide opportunities for the cutting tool industry. For example, whisker-reinforced ceramics supported by linear silicon carbide fibers can be added to ceramic tool materials, which can process hardened steel; Si3N4-based ceramic tools can have the strength second only to diamond, and can be used for glass fiber reinforced plastics, high manganese steel, and hardened steel. processing.
1.3. Sufficient supply of upstream raw materials, price sensitivity is greater than supply security
The supply of upstream raw materials is sufficient, and the security of material supply is guaranteed. In 2021, China's tungsten reserves will account for about 51% of the world's reserves, and China's mine tungsten production will account for 83% of the world's total, ranking first in the world in both reserves and output. According to Wind data, China's tungsten ore output will reach 66,000 tons in 2021, while taking Sinovel Precision as an example, the annual consumption of tungsten carbide powder is only on the order of hundreds of tons.
In terms of cobalt, China will produce 128,000 tons of refined cobalt in 2021, accounting for about 70% of the world's total. Taking Sinovel as an example, the annual consumption of cobalt powder is only on the order of tens of tons.
On the whole, the supply of upstream raw materials for cutting tools is sufficient, and the security of material supply is guaranteed.
1.4. The downstream flow direction is basically the same as that of cutting machine tools, and the consumables have more growth potential
The cutting tool market is about 47.7 billion yuan, which is both growth and periodic. According to the China Machine Tool and Tool Industry Association, the scale of China's cutting tool market will reach 47.7 billion yuan in 2021, a year-on-year increase of 13.3%, and a CAGR of 8.1% from 2005 to 2021, which will remain relatively stable for a long time. Judging from the changes in historical data, the cutting tool industry is synchronized with the machine tool industry, with a cycle of about 3-4 years, which has a more obvious cycle attribute.